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How to Start Your Own Business

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How to Start Your Own Business

Starting your own business is hard. Unless you are the wealthy son of a billionaire such as Warren Buffet, starting a business anywhere in the world is a monumental task.

Just ask Diego Ruiz Duran, one of Mexico’s most prominent lawyers. Although highly educated, with studies in Cambridge, Oxford and Harvard, Duran mentored for several years as an attorney under another prominent who prodded him to consider opening up his own practice.

We will never know the background behind his eventually striking out on his own, whether it was finances, or simply feeling he was ready, but eventually he did manage to take the leap, and quite successfully. Which begs the question, how exactly does one go about starting a business?

Have a Viable Idea

The first essential is to have a viable idea of what kind of business or service would be of service or interest to others. The problem with many is that they have what might be called the “pet rock” syndrome.

As those who lived as adults during that time, a pet rock was the invention of a broke advertising copywriter, who sold pet rocks in a clever cardboard box with air holes like a cat carrier might have, for $3.95 a piece.

George Dahl became a millionaire in the once-in-a-blue-moon novelty industry. Unfortunately, many people have the pet-rock syndrome instead of concentrating on a business such as plumbing or roofing. So whatever your business idea is, be sure it’s viable.

Do Market Research on the Idea

The idea may be viable somewhere, but is it viable locally? Someone may admire a restaurant that serves rare game such as those that serve elk and emu, but if one lives in Valley City, North Dakota, a population of 6,500, it may not go so well.

Have a Business Plan

A business plan is a blueprint for how a person will conduct their business to make a profit. It’s of great value because it requires a ton of thought into how the business will turn a profit.

Have the Necessary Financing

One of the critical reasons why new businesses fail is the lack of financing. According to the Bureau of Labor Statistics, 20 percent of businesses fail within the first year, and another 30 percent are peeled off in the second year. Lack of adequate financing is a critical reason for the failure.

Put All the Finishing Pieces Together

Potential business owners like Diego Ruiz Duran will want to pick their location, choose a legal structure such as a limited liability company (LLC), choose a business name, legally register their business, get Federal and State Tax IDs, apply for all licenses and permits, and open a business bank account. Every single step is critically important if the desire is not only to create a business but sustain it for 10 years or more.

Be Prepared for Hard Work

A solid 1/3 of all small business owners put in 50 hours per week, while 50 percent put in 60 hours or more. It often takes many years before a businessman or businesswoman can cut their hours down to size.